European session, date: 07/30/2024
the introduction:
Gold Technical analysis XAUUSD. Gold prices witnessed significant fluctuations between rising and falling during the past week, reflecting a significant volatility in market movement. Currently, gold is trading at $2388 per ounce. In this technical analysis, we will review the performance of gold during the past week and the factors affecting its current trend.
Overview:
Gold prices witnessed significant price fluctuations during the past week, moving between different levels of rising and falling. Gold is currently trading at $2388 per ounce, and appears above most of the moving average crossovers, indicating positive technical support. In addition, the MACD indicator shows strength in the upward trend, which enhances the possibility of a continued rise in the price.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2392 | 2384 |
| Target Point 1 (TP1) | First resistance: 2398 | First support: 2378 |
| Target Point 2 (TP2) | Second resistance: 2402 | Second support: 2374 |
| Stop Loss (SL) | 2384 | 2392 |
Conclusion
With gold continuing to trade above most moving averages and the uptrend as indicated by the MACD indicator, it appears that the precious metal may continue to make gains in the near future. Traders are advised to keep an eye on key technical levels and technical signals that may support this uptrend. Technical and fundamental analysis will be essential to make informed trading decisions and achieve the best possible returns.
